SE Asia Stocks-Philippines hits fresh high; others fall

Reuters Staff

4 Min Read

By Binisha Ben
Sept 21 (Reuters) - Philippine shares rose to a record high
on Thursday while other Southeast Asian stock markets slipped,
in line with broader Asia, after the U.S. Federal Reserve
announced a plan to start shrinking its balance sheet and
signalled one more rate hike later this year.
MSCI's broadest index of Asia-Pacific shares outside Japan
fell 0.3 percent.
The U.S. Federal Reserve left interest rates unchanged on
Wednesday, but signalled it still expects one more increase by
the end of the year despite a recent bout of low inflation
data.
The Philippines index extended gains to a second
session and ended 0.8 percent higher after earlier hitting an
all-time high of 8,321.81.
"Philippine stocks soared once again, testing record highs
in reaction to the latest Federal Open Market Committee minutes
and in anticipation of the outcome of the country's central bank
meeting," said Luis Gerardo Limlingan, managing director at
Regina Capital Development Corp.
After market hours on Thursday, the Philippine central bank
left its benchmark interest rate unchanged at 3
percent as expected. The central bank also kept its inflation
forecasts for 2017, saying consumer prices remain manageable and
the future inflation path will stay within its target of 2-4
percent for the year.
In August, Philippines' annual inflation had quickened for
the second straight month to 3.1 percent, from 2.8 percent the
month before, due mainly to higher food prices.
Thai shares ended the day marginally lower despite
positive export trade data.
Thailand's customs-cleared annual exports in August grew at
their fastest pace since January 2013, climbing 13.2 percent
from a year earlier, handily beating a Reuters poll forecast of
a 4.93 percent rise, and against July's 10.5 percent
growth.
Materials and financial stocks weighed down the index, with
Kasikornbank Pcl and Siam Cement Pcl
shedding 1.4 percent and 0.8 percent, respectively.
Singapore shares were down 0.1 percent, hurt by
industrials and real estate stocks. Jardine Matheson Holdings
and Ascendas Real Estate Investment Trust
led the decline, falling 2.4 percent and 1.5 percent,
respectively.
Indonesia market was closed for a local holiday.
For Asian Companies click;
SOUTHEAST ASIAN STOCK MARKETS : Change on day
Market Current Previous Pct Move
Close
Singapore 3213.82 3218.07 -0.13
Bangkok 1670.49 1670.65 -0.01
Manila 8286.86 8219.32 0.82
Kuala Lumpur 1771.04 1773.58 -0.14
Ho Chi Minh 803.93 805.86 -0.24
Change on year
Market Current End 2016 Pct Move
Singapore 3213.82 2880.76 11.56
Bangkok 1670.49 1542.94 8.27
Manila 8286.86 6840.64 21.14
Kuala Lumpur 1771.04 1641.73 7.88
Ho Chi Minh 803.93 664.87 20.92
(Reporting by Binisha Ben in Bengaluru, additional reporting by
Enrico delaCruz; Editing by Vyas Mohan)